It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

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The median price of an existing, single-family home in California rose for the seventh consecutive month in September to $296,090, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ most-recent sales and price report. Home sales also increased in September, rising 2.1 percent compared with August. If home sales maintain their current pace, 530,520 units will be sold in California in 2009.

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The reason for the rise: Buyers taking advantage of the tax credit for first-time owners before it expires next month. The median price for an existing home was $174,900, down 9% from a year earlier. Sales of existing homes surged in September as buyers raced to take advantage of the tax credit for first-time home buyers before it expires next month.

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Figures for September indicate that low mortgage rates and a tax credit are providing support for the hard-hit housing market.

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Trade groups for real estate agents and home builders are pressuring Congress to continue and even broaden the $8,000 credit, which is scheduled to expire Nov. 30.

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Image via Wikipedia You’re probably familiar with some of the federal government’s 2009 incentives for home energy efficiency–heftier tax credits for solar panels, solar water heaters, geothermal heat pumps, heavy-duty insulation, windows, air conditioning and like. But these come-ons are just the beginning of an unprecedented, federal government-wide push getting underway for energy conservancy in [...]

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Image by aftab. via Flickr 1. First-time buyer tax credit ($8,000 or up to 10% of the cost of the purchase) 2. Mortgage rates remain near historical low (around 5.6%) 3. Best affordability and prices since 2003-2004 4. Better choice of inventory – distressed, resale, new 5. Motivated sellers may be more willing to give [...]

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Image via Wikipedia $100 million new home tax credit nearly gone The Franchise Tax Board (FTB) recently announced that the $100 million allocated by the state in new home tax credits will soon be gone. The FTB has received more than 9,800 applications, claiming nearly $95 million as of June 17, and plans to accept [...]

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